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NBA approves Nets sale to Russian billionaire
Published: 12 May, 2010, 12:49
Edited: 12 May, 2010, 21:35
Kenyon Martin of the New Jersey Nets (AFP Photo / Jeff Haynes)
TAGS: Sport, Basketball, NBA, Big deal
The NBA has officially approved Russian billionaire Mikhail Prokhorov’s bid to buy a majority share of the New Jersey Nets basketball club.
“We are pleased that the NBA's Board of Governors approved Mikhail Prokhorov's purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league's first majority investor from outside of North America,” NBA commissioner David Stern said in a press release.
“We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise, but also to the entire NBA,” he added.
As a result of the deal, Mikhail Prokhorov, Russia’s richest man, has become the first majority owner from outside North America in the NBA’s history
“For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about,” Prokhorov said in his statement.
“Today's vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball,” he added.
The Nets' previous majority owner, Bruce Ratner, whom the Russian businessman first contacted eight months ago, will remain heavily invested in the club as the lead developer of the team's new arena – the Barclays Center.
The arena is currently under construction in Brooklyn, New York, and is expected to be completed before the 2012-13 season.
The Nets finished the 2009-10 season with a 12-70 record, the worst in the league, but the new owner promises a quick renaissance for the team.
The 45-year-old Russian billionaire is currently the chairman of Russia's largest gold producer, Polyus Gold, and President of Onexim Group.
His interest in basketball is explained by the fact that the 2.3-meter-tall tycoon took part in the sport in his school years.
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That Mikhail Prokhorov seems to have a few moral problems; when he come not far from where I live (Courchevel). He has a lot of money to waste; mostly to "frime" in France and in America; when at the same time RT in some recent topics worried about sports in Russia and the need to hire foreign coaches to improve your country capabilities. A decent Russian billionaire who has certainly stoled his countrymen to be so rich could prove his renewed sincerity toward his own country differently, since in sports, she is not what she used to be. He will procure big wages for the best basketball players from Russia to come play for the Nets. Consequently, what good does that man do for his country ! He is just an other "phony" capitalist to ignore...One can be rich and useful; apparently this is not the case... Sincerely...Jean-Claude Meslin